The richest man in America is putting on a cowboy hat and coming to Texas.
An investment company headed by Microsoft founder Bill Gates is buying the Four Seasons Hotel in downtown Houston in a transaction scheduled to close October 1.
Gates’ Cascade Investments already owns a piece of parent company Four Seasons Hotels and Resorts, in partnership with Kingdom Holding Company and Triples Holdings.
Downtown Houston, including a 1,000-room Marriott Marquis convention center hotel, and occupancy rates are at about 70%.
Maritz, Wolff & Co. paid $104 million for the AAA Five-Diamond-rated Four Seasons Houston in 2000; the sale price has not been revealed.
Microsoft held its annual conference in Houston this summer.
With a net worth of $72 billion, Gates can afford to upgrade the property, whose TripAdvisor reviews include the word "tired."
